Get more! Sign up for PLANSPONSOR newsletters.
Investing August 31, 2010
529 Plan Assets Down 4.9% in Q210
August 31, 2010 (PLANSPONSOR.com) – Total assets in 529 college savings plan fell to an estimated $117 billion as of the second quarter of 2010, reflecting a 4.9% decrease from the $123-billion asset totals a quarter earlier, according to the Financial Research Corporation (FRC).
Reported by Fred Schneyer
The FRC said 529 assets have increased by 19% over the last twelve months, lagging mutual fund and exchange-traded fund assets that were up 22% over the last year to $7.53 billion.
Quoting Morningstar data, FRC said the largest 529 plans by Q210 assets were:
- Virginia’s CollegeAmerica, distributed by American Funds, with $25 billion, down 6.9% over the quarter;
- New York’s College Savings Program – Direct, distributed by Vanguard, with $8 billion, down 2.5% over the quarter;
- Rhode Island’s CollegeBoundFund, distributed by Alliance Bernstein, with $6.8 billion, down 7.2% over the quarter;
- New Hampshire’s UNIQUE College Investing Plan, distributed by Fidelity, with $5.7 billion, down 3.9% over the quarter; and
- Maine’s NextGen College Investing Program – Advisor, distributed by Merrill Lynch, with $4.7 billion in assets, down 5.4% over the quarter.
FRC identified the top 529 Plan managers as
Name/ State Plan/ Q210 Total/ Q2 Change/ Market Share (Assets in $M)
- American Funds , VA, $25,021, -6.9%, 21.3%;
- Upromise Investments, 11 States, $22,556, -3.1%, 19.2%;
- Fidelity; AZ, CA, DE, MA, NH; $12,345, -4.6%, 10.5%;
- AllianceBernstein, RI, $6,853, -7.2%, 5.8%; and
- TIAA-CREF, 12 States, $6,414, -3.1%, 5.5%.
More information atbout FRC is at www.frcnet.com.